What Is a Payday Loan?
Payday loans are small-dollar short-term loans you can get quickly even if you have bad credit. Borrowers usually have to provide the lenders with a pay stub when applying for it. You can borrow up to $5,000 for these loans, and they are generally paid back in two to six weeks.
This sort of loan is helpful when you need it as a short-term solutionto pay for your unexpected expenses. They are also good for paying off debts and making ends meet during periods of unemployment or low income.
How Do Payday Loans on US Title Loans Work?
The first thing you need to do is to fill out our application form with your personal details. You will also need to provide information about your financial status. Our partner lenders will determine whether and how they should loan you the money based on these details.
To repay the payday loan you borrowed, you'll typically be required to offer a signed check or permission to electronically withdraw funds from your bank account. This ensures that the loan amount with the interests will be deducted from your account on the due date.
How Much Can I Borrow with A Payday Loan on US Title Loans?
The payday loan amount you can borrow differs based on your state laws and your lender's policies. But on US Title Loans, you can generally take out $50 to $1,000. And sometimes it is possible to get up to $5,000.
Benefits of Payday Loans
Bad Credit Friendly
Payday lenders won't reject low credit applicants. They will also check other factors like income status to determine eligibility. So you can get a payday loan easily even with bad credit.
No Hard Credit Check
You don't have to go through hard credit checks to get payday loans. A lot of payday lenders just perform soft pull, and it won't affect your credit rating.
Receive Money Instantly
It can take only a few minutes to apply for a payday loan, and approval can be granted in hours. So it's possible for you to receive the money within 24 hours.
Types of Payday Loans
The following are details about the types of payday loans:
One Hour Payday Loans
One hour payday loans are payday loans that can be applied with a process that takes less than one hour. Designed for people who need money in a short period of time, one hour payday loans can be a great way to get money quickly
Instant Online Payday Loans
Instant online payday loans are a good option to borrow money on the Internet if you are in need of instant cash and have bad credit. They can be used for a variety of purposes, such as paying bills, getting your car fixed, or buying groceries.
Cash Advances
The cash advance you took out with your bank will have to be repaid with your next paycheck. These loans are costly, and as a result, you must read the tiny print before agreeing to take the loan. Most lenders who offer lower interest rates hide their charges under a processing fee.
What Is The Cost of A Payday Loan?
This depends on how much the lender thinks they should charge you for their loans. But state laws also limit how high payday loan fees can be – they are typically capped at $10 to $30 per $100 borrowed. With $15 for the principal of $100, a two-week payday loan has an annual percentage rate (APR) of around 400%.
Does Borrowing Payday Loans Build Credit?
Borrowing a payday loan itself doesn't do good or harm to your credit score. But paying it back on time will improve it. Most payday lenders report how you repay your loans to credit bureaus, so you can see your credit score increase if you repay your loan on schedule.
What Do Our Customers Say About Us?
I am at the difficulty of finding words to describe how USTitlesLoan helped me with my financial need. Moreover, the application is so easy to use that even a technologically handicapped man like me could use it easily.
Liam Wilson
FAQs
1. Does US Title Loans run a credit check?
No. As a broking service provider, we don't run any type of credit checks. But the payday lenders we partner with will do this (mostly soft credit checks) to make sure you won't get loans you can't repay.
2. What happens if I can't repay my payday loan?
You will be charged a late fee for failing to repay the loan. You can also extend the due date with a rollover, but this usually comes with a cost. In addition, failed attempts to repay the loan can lead to a decrease in your credit score.
3. What does it mean to renew or roll over a payday loan?
In most cases, renewing or rolling over a payday loan means paying an extra fee to postpone your repayment for the loan. That means you can pay back your loan on a later date, but the loan amount and interests to be repaid will not change.
4. Are payday loan interest rates fixed or variable?
Payday loans are often intended to be paid off in one lump sum when you receive your next paycheck. As a result, the interest rate on these loans is fixed rather than a variable.
5. Is a payday loan secured or unsecured?
Most online payday loans are unsecured. You don't have to offer your lender anything as the security for their loans.
6. Can payday loans be forgiven?
It is extremely rare to see payday loans forgiveness. So if you can't repay your loan, you may need to contact your lender for available relief plans, or seek other financing options that can consolidate your loans.
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